It may be hard for you to believe, but there is one good thing to come from the credit crunch that’s affecting those of us who live in the UK or Europe – moving to Marbella in Spain is now more affordable! It’s true, even the most sought after locations across Europe are now becoming more affordable and within reach for increasing numbers of us.
Property prices in Spain have been falling across pockets of the country for well over a year now, and one of the hardest hit locations is the Costa del Sol that was previously so oversold and overpriced that it was becoming increasingly overlooked. Well, now that prices are falling and the level of interest in Spanish investment property is waning too, it seems that the likes of marvellous Marbella are suddenly within reach!
Marbella is a stunning place to live – it has it all, it has glitz, glamour and chic, it has an old town and a new town, it has a marina, yachts, fabulously wealthy people, some of the best shopping in Spain, some of the best bars, restaurants, cafes and even some stunning views too. And it has a really good lifestyle side to it that fewer Brits were aware of as rapidly inflating prices were making the entire town a no go area even for consideration for those thinking about living in Spain.
Marbella offers the best of Spain. It has the climate, it has some stunning real estate, it has the beach, it has the laid back lifestyle, there are job opportunities there for Brits, the cost of living can be lower than in the UK in Marbella depending on where and how you shop…and what’s more, Marbella has rapidly ‘improving’ property prices. By ‘improving’ we of course mean falling in this instance! Marbella is in a pocket of Spain most harshly affected by the real estate readjustments occurring across the entire country. Prices became so high so quickly as demand soared, that Spanish property in Marbella actually became overpriced. Now that interest in Spanish investment real estate has dropped off significantly, this has had a sharp impact on prices in the resort.
There are those who are trying to sell up and get out because they cannot afford their mortgage costs, there are developers who have committed to projects who are now trying to offload their property stock…but there is far less demand than there was 18 months ago and there are bargains to be bagged. And now it’s time to let you in to a secret – the locations that boom first may be the ones to crash hardest, but they are also the locations that boom first again! So if you buy into a crashing Marbella today, chances are you will be buying into a location that will boom again and boom again soon.